Switzerland

Shares in Cosmo Pharmaceuticals, the Swiss pharmaceutical company focused on gastrointestinal and skin disorders, fell 6.4% on Friday after a group of pre-IPO shareholders sold 9.3% of the company for Sfr216m through an accelerated bookbuild led by Berenberg.

The IPO of Galenica Santé, the retail pharmacies unit of the Swiss pharmaceutical group Galenica, was covered throughout its price range by Tuesday morning, less than two working days into the bookbuild.

Credit Suisse may be about to bow to investors’ wishes and give up the idea of floating its Swiss Universal Bank, opting instead for a capital increase, which could come as an accelerated deal. A statement may come on Friday when the bank publishes its annual report.

UBS jumped into the dollar market this week with its first deal of the year as spreads tightened following the Federal Reserve’s move to increase interest rates.

Two more IPOs of significant size were announced this week in Western Europe, and with four weeks to go until the start of the Easter holidays, they are likely to be the last of this IPO season to be launched.

Rating: A-/—/A

The IPO market in Europe continues apace, with the announcement of two more sizeable flotations so far this week. Another, smaller IPO in Amsterdam has reached a successful conclusion.

Salt Mobile, the Swiss telecom company, is asking an issuer-friendly HY market to tap some of its old bonds, waive covenants on them, and fund a dividend to its owner NJJ Capital with a new floater.

Swiss commodities trader Ecom is back in the market for a one year revolver, mandating four banks for the $400m borrowing.

Credit Suisse partially stepped away from its plan to place part of its ‘Swiss Universal Bank’ on the market to raise capital, as the bank’s asset disposals and legal settlements came out better than expected, taking the pressure off the bank's capital levels.

Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.

Swiss retail investors were fed the highest yielding deal in Swiss francs the year so far on Monday, when single-B rated Gategroup offered with bonds a 3% coupon.